NZD/USD Technical Analysis: Eroding three-week long falling trendline

• The NZD/USD hourly chart shows the pair is eroding the trendline sloping downwards from June 14 high and June 24 high.
• A convincing move above trendline would signal a short-term bullish reversal.
• The chart also shows an inverted head-and-shoulder-like pattern.

Hourly chart

Spot Rate: 0.6760

Daily High: 0.6773

Daily Low: 0.6751

Trend: Bullish above the trendline hurdle

Resistance

R1: 0.6783 (resistance on hourly chart)

R2: 0.6794 (200-hour moving average)

R3: 0.6826 (June 21 low)

Support

S1: 0.6750 (100-hour moving average)

S2: 0.6717 (61.8% Fib R of August 2015 low – July 2017 high)

S3: 0.6688 (July 3 low)